Pension Plans for millions of US workers in trouble, important article for you to read

If the ability to borrow is not based on the size of the economy, what's it based on?

The ability to borrow is based upon the ability to repay. Period. On what basis do you disagree with this?

You're suggesting the government sell off assets to pay off interest and principal on bonds???? That's crazy, IMO---Ok, what about when that's all gone?

Now we're getting somewhere. As a libertarian aren't you against expansive government? Wouldn't a government that could only pay for programs by selling assets tend to be more reluctant to expand?

My single biggest issue, BY FAR, is the monetary system which is characterized by special privileges granted by government to the monetary elite, which, IMO, is GUARANTEED to crash if not reformed.

What privileges are granted to which elites? Fannie Mae, Freddie Mac?

The ability to borrow is based upon the ability to repay. Period. On what basis do you disagree with this?

How does the government plan to repay the money borrowed? I thought taxes we're the only way? Taxes can only go so high as a % of GDP before people start avoiding them.

"liquidating of the asses?" Who do I call there are some asses around here that need liquidating?

Oh, wait "masses" Uh, well same question.

Wouldn't a government that could only pay for programs by selling assets tend to be more reluctant to expand?

No a government that could only pay for programs by selling assets would soon cease to exist (as well as the society that government formerly governed).

What privileges are granted to which elites?

The monetary elite = the entire financial sector of the economy, primarily the banks.

The Special Privileges =

1. A bank's ability to create and distribute money, limited only by its reserves at the Fed.
2. Taxpayer bailouts of the banking systems bad loans.
3. The secrecy rules that allow the banking system to operate in secrecy, even from shareholders.
4. Accounting gimmicks banks alone are legally allowed to use that disguise their inherent insolvency.
5. FDIC guarantees that protect their deposit liabilities.
6. The unlimited ability to borrow reserves from the Fed if the Fed so desires.

An excellent summary of the special privleges and an explanation of why they will necessarily lead to monetary collapse, read the 14.5 page introduction of Special Privilege: How the Monetary Elite Benefit at Your Expense

While I'm somewhat concerned about the growth of Freddie and Fannie, I am much more concerned about banks and investment banks funneling money to foreign governments and multi-national frauds like Enron, etc. than I am about an institution that lends to the common ordinary consumer---the one sucker, that still attempts to play by the rules!

1. A bank's ability to create and distribute money, limited only by its reserves at the Fed.
2. Taxpayer bailouts of the banking systems bad loans.
3. The secrecy rules that allow the banking system to operate in secrecy, even from shareholders.
4. Accounting gimmicks banks alone are legally allowed to use that disguise their inherent insolvency.
5. FDIC guarantees that protect their deposit liabilities.
6. The unlimited ability to borrow reserves from the Fed if the Fed so desires.

Can't argue with you here.

I believe political parties, in general, are conspiracies in constraint of democracy. Rs pretend to be for limited government and Ds pretend to be "for the people" but their actions reveal that they actually both favor Big Government of, by, and for their Big Business benefactors. This threatens both democracy and capitalism.

Can't argue with you here either.

In 1964, I was an Ayn Rand conservative. Since then, I have been a libertarian/populist.

I'm still a little confused. As a libertarian do you think the government is doing too much and should shrink and cut taxes?